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% of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money? >> first thought don't think it is a small amount of money. we need a balanced approach. david: uribe 2% of the deficit unfunded if you do that. >> to look at the president's budget, what he proposes is raising $1.6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run. what we should avoid doing is having gridlock, not extending the middle-class tax cuts would wish on our report today is if the middle-class tax cuts are not extended that will cause consumer spending to fall by $200 billion next year. that'll be an awfully big hit to the economy. liz: to a for somebody economic council, physically says middle-class tax cuts on consumer spending, everybody spends. how do we come to this agreement, we keep hearing left the tax cuts they now warren buffett came out with an op-ed in "the new york times" say saying we should make that
economy and how do we get us back to that and, two, how do you solve a problem? >> second big development. a growing number of liberal democrats say they're willing to risk going off the cliff to make sure raising taxes on the wealthy is part of the deal. politico is calling them cliff jumpers. l good morning to both of you. >> good morning. >> let me play a couple of clips to start out about the pledge. >> i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> a pledge you sign 20 years ago, 18 years ago, is for that congress. if i were in congress in 1841 i would have supported declaration of war against japan. i won't attack japan today. the world changed and the economic situation is different. >> i am not oblg gate on the pledge. i was just elected. the only thing i am honoring is the oath that i take when i serve when i am sworn in in january. >> chambliss already made a similar statement last week. the question is is this a real softening of positions? does it give them room to make deal. >> two things.
the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other
business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were looking at it expecting to see signs of worry about that looming fiscal cliff, you might be surprised. st
government it will pay for, regardless of the impact on jobs or the economy, or america's standing in the world. these are the ones who have recklessly ignored the fact that we can't keep running trillion dollar deficits every year and throw a tantrum if someone suggests that maybe the taxpayers shouldn't keep subsidizing ever last program washington ever dreamed up. they are reckless and ideological approach threatens our very future. and anyone who is serious about solving the problems we face should ignore all of that starting with the president. megyn: meantime some of the president's supporters unleashed and ad blitz targeting key lawmakers reportedly spending close to $300,000 on an ad buy that talks about increasing taxes but leaving spending alone. here is part of that. >> how do we move our country forward and reduce the deficit, by creating jobs and growing our economy not by cutting programs that families rely on most. megyn: join me now is stu varney, who is host of varney & company. and chris stirewalt. you have all the unions unleashing and ad blitz to target the home
1st or 11:59 the day before january 1st. it's already starting to impact the economy. whether it impacts consumers -- and we'll find out today, by the way, in terms of thanksgiving and what's that meant, whether consumers are coming out or not -- but thoorz the bigger issue that manufacturing has already started to slow down. people are starting to worry. it may end up in the economic numbers already, just the fact that we're having this debate. and then come january 1st, do we go over? what does that mean? is it the fiscal cliff? or does it look like the fiscal bungee cord? that's what some people are calling it. we go over for two weeks and then we snap back and get a deal and what does that deal look like? >> a lot of positive talk following the election. even bill kristol talking about let's feel free to raise taxes if it's part of a bigger deal. a lot of elections don't have consequences, midterm elections. this was supposed to be a status quo election. but something happened here. i think the fever is starting to break. >> absolutely. you're going to see it, i think, on
interest deduction may be on the chopping block if the economy falls off the fiscal cliff. what does it mean for you and your nation's nascent housing recovery? rodney anderson is the director of supreme lending. welcome, sir. >> good afternoon, lori, rodney, the mortgage interest deduction, on? mous with terms like sacred cow and untouchable but that is changing. >> absolutely. we know several years ago they would have to address the mortgage interest deduction. what we need to remember here is the housing market is already in a troubled stage. ben bernanke last week saying mortgage lending guidelines are overly tight. so we're in an area right now that we know we need to get rid of the deduction but how do we do it? we have to do it structured. lori: let me come in here with this point. are you saying if we get rid of this deduction it could thwart, to your point a very vulnerable recovery? today we got the mortgage apps down 23 years from the prior weeks. new home sales were down when they were expected to rise? >> yeah, it could absolutely hurt the, short term it could hurt it. l
's not completely signed and stamped yet. the economy won't go into recession on january 2nd. >> really? j is that because so many people say that it will, jared. why do you think it won't? >> okay. because people conflate going over the cliff with going over and staying over the cliff and they're different. this is actually right out of the congressional budget office's document that many folks are quoting from including you guys just a second alg. the cbo prediction of a recession and unemployment going up to 9% is a scenario in which we go over the cliff and stay over the cliff for all of 2013. if we go over the cliff and we're able to essentially take away the kinds of very sharp tax increases and spending cuts that kick in right away, pretty quickly, say within a month or so, then it's not going to be great for the economy by any means but it won't be recessionary. >> jared, let's say that -- do you think the possibility of a stopgap, something that gets done to partially keep us from going over the cliff so we're just like hanging there at the beginning of the year and then we finish
taxes which we think would be harmful to the economy. and if you look at how much revenue that raises, $68 billion next year, that funds a government for less than a week. and it does potential significant harm to the economy and raises taxes on the very people we are asking to go out and create jobs. >> dick durbin says when you're talking about entitlement reform or cuts in spending for medicare, medicaid for example, he says that's too complicated now. listen to what he said this morning. >> when it comes to medicare, we know that it's going to run out of money in 12 years. whatever changes we want to make should be thoughtful changes not made in the heat of the fiscal cliff. >> can you defer medicare for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order.
disaster not only for our country, but the worldwide economy. >> so defaulting on the credit is unacceptable to you? >> i don't think -- i don't think it's a question that's even on the table. >> failing to raise the debt ceiling is not even on the table. that's what john boehner said last january. and yet just a few months later, with that voting record and with that stated understanding of how bad it would be for this country to not raise the debt ceiling, there was john boehner, leader of the congressional republicans, threatening to not raise the debt ceiling. e threatening default after decades of voting to raise the debt ceiling, no questions asked under president bush, under president obama the republicans decided they were not going to do it anymore. right around this time last year, republicans threatened to let the country go into default unless president obama met their demands. they explicitly recognized it would cause harm, but they were happy to do that. they were willing to incur that it harm. to inflict that harm on the country in order to get other stuff that
with him. the goal here is to grow the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. we're willing to put revenue on the table as long as we're not raising rates. >> so, joy, boehner is not exactly ready to go along with the american people, it seems. >> i think what you just saw there, rev, was a man waiting for bated breath on january 3rd, hoping that every day gets shorter and shorter and shorter as long as we're still in the lame duck congress and tea party members are still there. i think john boehner still has an ounce of fear that he will lose that vote. so he's always watching his right flank. i think boehner will be in a stronger position if we get to january 3rd and there isn't a deal and he can force a deal on his tea party members but this is a guy who still has to message to the right. this deal would have to be made by the congress that just lost the election, the congress headed by the tea party. and it's iron ironic that it lost the election but boehner has to cling to it for now. >> but the american people
send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix th
cure the economy. the senior editor of "the atlantic" joins us live in the next half hour. he has an interesting perspective. >>> ambassador susan rice heads to capitol hill this morning to mend fences with three republican senators. john mccain, lindsey graham and kelly a at with her information comments made on several networks that played down the role of terrorists in the attack on the u.s. consulate in benghazi, libya, that killed four americans including ambassador chris stevens. rice maintains she made it clear the intelligence information she had at the time was preliminary. senators have threatened to block her nomination if president obama chooses her to be his next secretary of state. >>> and the obama administration responds to the benghazi attack does not get high marks from americans. the results of a new poll out this morning shows a majority of those questioned, 54%, say they are dissatisfied with the administration's handling of the attack. >>> and the body of yasser arafat was exhumed this morning from a mausoleum in the west bank. a team of international scienti
serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $1.5 billion online today alone this cyber monday. that's up 20% from last year. the national retail federation reports the average holiday shopper spent $423 this weekend in stores and online. total spending an estimated $59 billion. cheryl casone live from the fox business network with us tonight. cheryl, that's a big shot in the army for the economy. isn't it? >> it certainly is, shepard. we are seeing an allot of interest in online shopping today. initial numbers into fox business about how many people are out there spending this, today cyber monday. this is going to be already the biggest cyber monday ever when it comes to sales or revenues for the nation's he biggest retailers. number one amazon.com. number two wal-mart. 122 million people shopping today on web sites with the estimate looks like at this point we are going to b
which means fewer jobs and that can drag our entire economy down. now, the good news is, there's a better option. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody's. and that means that 98% of americans and 97% of small businesses wouldn't see their income tacks go up by a single dime. 98% of americans, 97% of small businesses would not see their income tacks go up by a single dime. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. so it's not like folks who make more than 250 aren't getting a tax break, too. they are getting a tax break on the first 250 just like everybody else. families and small businesses would, therefore, be able to enjoy some peace of mind heading into christmas and heading into the new year. and it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so w
as the eu and imf agree on terms of debt sustainability. where does it leave the greek economy which has already shrunk by nearly a fifth? >>> and warren buffett on tv this morning saying he wouldn't sell a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a compan
for the bailout money. it's a cold shower for anybody getting excited about the economy heating up a new economic report sends a dire warning about the world's economic health. predicts that europe's economy's going to shrink and the u.s. economy is about to take a sharp turn downward. richard quest from london, tell us about this group. is it a bunch of economists sitting around in an office, dealing with real numbers they're crunching? why the dire predixz. >> no, these are serious, severe people. the organization for economic cooperation and development oecd, the rich country's club. 34 developed countries, that is if your gdp per capita over $15,000. long way of saying, extremely respectable, extremely respected. what they are warning, and i've got the numbers in front of me, take the united states. it said they project the u.s. will grow this year to 2.2%, slow down next year to 2%, before picking up in 2014 to 2.8%. but so much so far, so good. the risk is all in the future. i'm going to read it now. according to the oecd the world economy risk, suzanne, is because of the fiscal cliff in th
cut for high-income earners on the economy. there is this supposition, in fact i would call it bedrock republican philosophy economically speaking if you cut rates for top earners it benefits gdp. i will point to everybody for consideration a chart by the david leanhart of the "new york times" that shows what happens when you cut the top income tax rates. it doesn't help gdp. in fact, it falls. explain to me why republicans keep insisting on this fact when it doesn't appear at least to be true? >> well, the basic idea is that if you get to keep more of the rewards for each hour you work you'll work more hours or a little harder or be more likely to start a business. that's not a crazy idea on its face. in fact, it's probably right. the real question, though, is, is it a bigger effect or small effect? so republicans claim time and again this is a huge effect. democrats often claims it's a small effect. in the language of economics this is an argument about elast tisty. like my colleagues here go out and try to measure this. it's a difficult concept to measure. but that's basically the i
regardless of what it means for jobs, or the economy. >>> coming up here, the it's top economic adviser alan krueger. clashes in cairo today, more protests in tahrir square against egypt's president morsi. we'll have a live report. move over george clooney the on yan's kim junge un the sexiest man alive and beijing doesn't get the joke. good day, i'm andrea mitchell live in washington. no joke today on capitol hill. ambassador susan rice's attempt to clear the air with republicans over benghazi did not work as the white house had hoped. senators mccain, ayotte and graham say they have more questions than they had before rice's comments about benghazi. >> we are significantly troubled by many of the answers that we got and some that we didn't get it. >> if you don't know what happened just say you don't know what happened. people can push you to give explanations and you can say i don't want to give bad information. >> that's troubling to me as well, why she wouldn't have asked, i'm the person that doesn't know anything about this, i'm going on every single show. >> joining me now for our dai
to the economy. that's what he did in the primary and that's what he said he was going to do from the beginning. he just executed a plan that didn't work. the very people criticizing him were the people supporting him saying he was going to win. >> we just talked to senator john cornyn, he said he's pessimistic that they will get a deal. >> my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should take them out of this discussion right now, and continue to fight against any rate increases and continue to work honestly for a better deal. >> that's what the president wants, extend them for everyone under $250,000. i'm curious what you think. do you think that someone like cornyn, someone like boehner is the right leader for the party, or someone more like what cole is saying? >> there is a strategy to putting together a deal and that goes for, in washington, d.c. or, you know, in your private life. and that is you don't give the other side everything they want and then negotiate the rest of the deal. that's sort of a problem. you have things that
rates which guess what, worked pretty darn well for the economy when clinton was president. >> i was surprised that david plouffe would bring up the idea of the grand bargain in the lame duck session of the congress. i think it's about revenue. this is about the legislation that they put in place about to expire after it was extended in the last lame duck session of the congress two years ago. and that was a two for one. one year of unemployment extension for two years of the bush tax cuts to take us to where we are right now. it seems to me there's a little bit too much wiggle room on the part of the white house to start talking about a granted bargain and chipping away at medicare and medicaid when you don't have to. now, do you read it that way? >> absolutely. and remember, this congress is worse than the one that's coming in. we're going to have a strength in hand in the senate and the house is actually even going to be a little bit better with more democrats and 11 of the worst republicans lost their re-election. so i think you know, it's ridiculous to me that they should be
. >>> if lawmakers do not act to save the economy from falling off the fiscal cliff, $490 million would be cut from the centers for disease control and prevention's national breast and cervical cancer early detection program. which would result in over 33,000 fewer women screened for breast and cervical cancer. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> lawmakers, their bellies full, are returning to washington after the thanksgiving break. the senate officially returns to work in 45 minutes. congressional leaders expected to meet with the president again this week as they try to rise above and come up with a deal to avert the fiscal cliff. on january 1st, of course, we would run off the cliff unless action
of our economy and they are in a spending mood. the latest numbers show that 247 million went holiday shopping over the weekend and spent more than $59 billion. morsi 28 football fields. last cyber monday-- its busiest day of the year-- amazon processed 200 orders per second. amazon vice president craig berman says the company expects business this year will be even better. >> we've hired and are continuing to hire 50,000 seasonal workers to meet customer demand. >> reporter: that's in addition to amazon's 20,000 full time workers like packing manager mark pulley. >> we need to come up with a new word for busy. we've been on hyperdrive. >> reporter: across the country, online sales account for 10% of holiday purchases, says ellen davis with the national retail federation. >> the share of sales happening online is still fairly low. however, the internet influences now about 50% of what consumers buy. >> reporter: because shoppers look for sales and compare prices online before they buy. and that stretches over the whole holiday season. online sales jump more than 20% on black friday. a
smart and this business has become a terrific secular growth story. and the underlying economy ain't doing so hot. this new trimble is all about helping customers become more productive and more efficient, antidote for this low growth economic environment. it uses proprietary technology, collect data from other measurement technologies and it processes that data that's designed to tell the customers what's needed to improve efficiency of workers out in the field. especially at construction sites and new infrastructure builds. those software builds can cut fuel costs or improve customers service or safety standards. it all comes down to helping other companies to find new ways to squeeze more money out businesses. that's the kind of pitch that never goes out of style. certainly not one that the old trimble could have offered. it's a joint venture with cat pilller where their technology will be sold to cat dealerships for everything to machine control technologies. this gives the company a tremendous outsource international sales force. it looks like it's become the real deal. compan
around. >> okay. >> what else do we have in news? >> we have the economy. we'll begin there now at 4 past the hour. >> we're going to keep reading the post. go ahead. >> the markets look to rebound after stocks finished relatively flat yesterday following a new warning from the central bank about the fiscal cliff. speaking to the economic club of new york, fed chair ben bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. he said going over the fiscal cliff would pose a substantial risk to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. h
economy in absolute chaos. egypt torn by rioting after morsi takes dictatorial powers. they really need our money now. watch out, everybody, "varney & company" is about to begin. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement peopl who are paid on sary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. >> as we said, call it a cave. call it a shift. call it negotiating, no matter how you slice it, the republican position on taxes has changed. here is senator lindsey graham. >> when you're 16 trillion dollars in debt. the only pledge we should be be making to each other is to avoid the coming grief and republicans should put revenue on the table, we're far in debt and don't generate enough revenue, capping deductions will help revenue and raising tax rates will hurt job
of our economy. and i feel good about this, but it's not going to be cheap. we have to have reasons. there needs to be oversight so that money is not provided just frivolously, and i don't think anybody wants that. >> the numbers, though. you say it's not going to be cheap. is there a damage estimate, some estimation right now from the storm damage? >> i expect by friday or monday, tom, that we will have a bottom line figure. the governor's office is working on that right now, justifying each of the line items that would be in that proposal. so i'm very confident that we could do that either by 4:00, 5:00 friday afternoon or monday morning. i'm very confident we'll have a number to go by. i think it's going to be a lot more realistic number than you saw the governor of new york, who i have a great deal of respect for. but i didn't think that helped us in providing dollars for any of the tristate area that was affected by this storm. you need to plan this out, tow yao need to be very resolved, you need to be able to substantiate. you asked me a question before about the shore. we're
the economy very much. however, the president is going to do the social justice thing no matter what. in texas, the government does not believe that redistributing income is its responsibility. all does not believe that you should micromanage the lives of its citizens. if you are dumb enough to ride a motorcycle without a mel helmet and you wind up in a cemetery it's your call. trust me nobody is banning 16-ounce soft drinks in waco. again it goes back to everybody has a gun. in california, and the federal government if koop after -- if california and the federal government keep spending the way it's been spending both will go bankrupt before they leave office. very true. tax scheme bubbling under the surface so-called wealth tax, in france, spain, iceland, switzerland they taxed net word of wealthy people every year. doesn't matter if you earn anything, or you get income or dividends, doesn't matter. if you have assets, house, gold, car, whatever, those governments are going to take some of that. uber liberals in america want to do the same thing. >> you can replace completely the income tax
throw the economy back into recession. two million more americans could be left out of a job and most troubling of all according to the pentagon, the country's national security would be in serious jeopardy. if congress and the white house do not act. chris stirewalt is our fox news digital politics editor p.o.w. or play on foxnews.com. they cut the deal that put the automatic spending cuts in place and these automatic tax hikes in place thinking this will never happen. they went back, said all right, now that we have it in place let's try to fix it. well they failed. there wasn't the political will to deal with it at the time they passed. there wasn't the political will at the time they tried to deal with it and it was a complete political debach kill. now you have some people saying let it happen. the let's see what happens. we may be in a better negotiating pitch if we let it happen and american people are the ones who are going to pay. >> well, megyn, these are not just rank-and-file democrats talking about this. patty murray, who is the head of the senate democrats campaign arm.
and business morse certainty about the economy. but he wants those with incomes over $250,000 a year to pay a little more in taxes as we all know. which has been a sticking point with the gop. but now some republican lawmakers who earlier pledged to not vote for anything with a tax increase now appear ready to relink wish that pledge in order to avoid the looping fiscal crisis. >> i would be very much opposed to raising tax rates, but i do believe we can close a lot of loopholes. >> they have to go up either real tax rates or effective tax rates. there is ways of doing that. secondly, though, we've got to close significant loopholes. >> bottom line, getting back to the report, the president is asking congress it act now specs tend the tax cuts for the middle class. they say the holiday season is not a time to threaten middle class pocketbooks. back to you. >> steve: thanks very much. the white house wants all the people who voted for barak obama to flood congressmen with e-mail and also with video messages via youtube saying why we should raise taxes on the rich. >> gretchen: so it's mainly
, the focus turns back to the u.s. economy now the fiscal cliff talks are looking more promising and the election is behind us. new reports this week on the housing market, manufacturing sector and consumer data. also the second estimate for third quarter gdp comes out on thursday. the broadest gauge of the health of the economy and economists think that number is going to show better growth than we saw, 2.8% down from 2.2% that they had thought earlier. the fiscal cliff being, you know, something that really helped the stock market last week. >> i would imagine. >> don't screw up. >> please, congress, don't mess this up. let's take a live look this morning at the capitol dome where congress is back to work this week. s fiscal cliff staring them in the face. 35 days, we go right over that cliff or right down that slide or whatever the metaphor is we're using today. politicians on both sides of the aisle are now signaling that they're willing to compromise. that includes republicans who've been softening their stance on raising taxes. senator dick durbin, democrat from illinois, w
of the rings" films boosted the country's economy by $575 million u.s. dollars. they're hoping for that kind of impact again when you see thing s like gollum at the new zealand airport, welcoming visitors. if you fly new zealand instead of a typical safety video, here is what you'll see. >> on the broefing. make sure your belongings are hidden away under the seat before you or in the compartments ahead. >> all travelers must keep a watchful eye on the lighted signs and follow instructions. when the seat belt sign is on, sit yourself down and fasten your seat belt. >> be sure it's low across your hips. >> i would listen to that if they did it that way on american airlines. >> there is a video, carol, that people would actually pay attention to. look at this it's an air new zealand plane freshly painted with the characters from the hobbit that flew over the premiere much to the delight of the crowd. they've really taken ownership of this movie and gotten a little excited about it, like you, carol. >> like me. some people are critical of all the hype, right? >> it's become a bit of a political
be resolved and it puts the focus again back on what's happening in the u.s. economy. what's happening in the u.s. economy? it slowly is healing job market is starting to filter into sentiment. and the housing market is showing some notable signs of improvement. this week we're going to hear more on the housing market. manufacturing sector, also some consumer data. we're going to get some fed regional reports from the federal reserve. also going to get a gauge of gdp, gross domestic product. gdp is the broadest gauge of economic growth. prior quarter was something like 2%, not great. we think that maybe they're going to think this quarter was more like 2.8%, which would show, again, that healing in the market overall. a quick focus for you on the housing market. this is something you probably felt most directly. in part because we have record low mortgage rates. last year the 30-year fixed fell to 3.31%. the 15-year fixed, this is the popular refinancing tool, 2.63%. many of you are telling me you can't qualify. i'm telling you, these rates are going to stay low for a long time so you
and the health of the u.s. economy. >> and all that trouble in washington started last year with the debt ceiling. remember that fight? the u.s. getting very close to hitting the debt ceiling again. what's the debt ceiling? the u.s. spends between $100 to $120 billion more than it takes in every month, so it has to boor remoney to pay its bills. it will take an act of congress to legally borrow more and rack up more debt. the debt ceiling is set at $16 trillion, 394 billion. last week it stood at $16,268,000,000,000. it could hit a high by february of next year. and now home prices, the recovery in much of the country, new home sales numbers today, we learned yesterday that home prices were up nationwide by 3.6% in the third quarter. that's the biggest rise nationwide in more than two years. but look, all real estate is local. we want to show you the cities with the strongest gains in the past year. home prices in phoenix gained more than 20%. minneapolis home prices rose 9%. there are only two big cities with homes losing value. new york and chicago. they slipped a little bit year over year. wha
with. challenging events like hurricane sandy and the tough economy are among the prime reasons. >> for me personally, it was when things looked down, i look up. i think in my experience here, we see a lot of that, where people hit a low and need somewhere to turn and look and they look up and look for god or some kind of faith. >> what is really interesting about rebirths is they appear to be genuinely returning for spiritualty not just support. it's more about reconnecting with their original belief system, shannon. >> they may begin to come back for no, nostalgic reasons. there are individuals who say the like the way religion was done in my church. there's a feeling of try to reconnect with family and earlier tradition. >> there's a push by churches and synagogues and mosques to bring worshippers back. we would like to hear from fox viewers. hit us up on facebook or twitter and we'll read your stories later. a couple of examples, catholic churches are adding programs. a program called next door, door is hebrew for generation. no stats on how many rebirths say on but for pers
. then you go off the cliff. and that could have a strong impact on the economy meaning the white house believes there will be a political backlash against republicans if the president can blame them for going over the cliff and holding out. we'll see, there may be republicans like john boehner and eric cantor say we are not going to give in and maybe we'll go off the deliver. earlier todayers ski today -- es said there is a chance we are going over the cliff. that can rattle markets. megyn: a new piece of polling from rasmussen reports suggests that half -- suggests a growing number of americans are worried the economy will be worse off a year from now. 50% express that concern. that, 27% increase from october. just 34% think the economy will be stronger. that pop comes as one of the writers at "forbes" magazine identified a phenomenon called the death spiral states. these are 11 states where private sector workers are outnumbered by people dependent on the government. if you plan on buying a home or investing your money there you may be putting your hard-earned dollars at significant
to wreck the economy. and i think there are a lot of republicans that are saying what a few of us were saying after the election. bill kristol said it. so tell me again, why are we fighting and risking our majorities, protecting billionaires that are hedge fund guys who are paying 14% tax rates? >> walk two blocks from this street, fifth avenue between this building and 57th street, and the storefronts on fifth avenue. anybody who can go into those storefronts and purchase things in those storefronts are not going to be damaged by these tax reforms that we've been talking about. they're not going to be damaged. >> by the way, the storefronts aren't going to be damaged by raising capital gains rates from 15% to 20%. i want everybody to be rich. i'm a capitalist. i want everybody to make $250,000. barack obama says that's rich. whatever. i want everybody -- i love people being successful in this country, but again, if you're making billions of dollars, again, there's something immoral, mika, about these people paying 14%, 15%, 16% on their taxes because the tax rates are the way they are
to really put this economy on a stage that can really create some jobs and move it forward, the package has to be big and it has to be bipartisan. and if we do that, i think that the minute points of it, we can work around and we can negotiate. it's not going to be perfect by any stretch of the imagination, but we can work around and make it a package that will work for america. the bottom line, it's never going to happen as long as we're very, very partisan in this. now, the good news is, i think there's folks on both sides of the aisle that want to see a big package through and i think that that's going to happen because there's a new cue lus of people in the middle that want to see this happen and i think it will happen and be good for the country and future generations. >> you're speaking, of course, as a senator and there's been a lot of bipartisanship since the election from senators on both sides. >> oh, no. >> more than there had been. when you look at the house democrats and the house republicans, they seem as far apart as ever. does it concern you as a senator that this all may re
these frightening details about what happens to the economy if we go off the fiscal cliff, a key point they say consumer spending would take a $200 billion hit next year. is there a growing sense, though, dana, that going off the cliff would be preferable to caving on issues that are important frankly to both sides? >> certainly the extremes on both sides are saying that it may be preferable. it is entirely possible that that's what will happen. sort of like those discussions of can we survive, you know, the nuclear winter. it is -- the good news is that a deal is fairly obvious what needs to be put into it. it's just a question of when the political will comes together. it can be done very quickly if people are willing to, but it does seem as if they are now preparing for the blame game that follows with the assumption that they're going off the fiscal cliff with whatever economic calamity comes with it. >> i want to bring in congressman peter defazio, a democrat from oregon. good morning. >> good morning. >> you're one of the folks who have said, correct me if i'm wrong, that republicans won'
the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ for you, british spies are stunned. this was found in a chimney in england, carrying a coded message. the british intelligence, the intelligence agency known as gchq has sent the bird to the pigeon museum, hoping to trace the origin. they have not been able to read the message yet, but they say it is a tribute to the coding sk l skills. they delivered messages from mainland europe. >>> appearance, but it did nothing to change her fighting spirit. now a triathlete, melissa stockwell, a purple heart recipient inspires others to live their lives without limits. her amazing journey in this "welcome home." >> reporter: april 13th, 2004, is a date melissa stockwell will never forget. >> it was the last day i ever stood on my own two legs. i was part of the u.s. army and it was a routine convoy through central baghdad. ten minutes into the ride we went under this bridge and this big explosion go
with morsi. >> the economic stick is key. he is governing egypt and he has to worry about the economy tanking. i wouldn't rule out a deal between the military and muslim brotherhood. may seem like they are opposites but they may find a way of living together that excludes the pro democracy fashiction wh is the smallest operating in egypt now. the military and brotherhood may have different objectives. that would be the worst outcome of all. >> why would that be? >> because it would give the brotherhood political dominance inside egypt. i think that would call into question the camp david accord with israel, a peace treaty we have relied on from middle eastern stability for the past 30 years. it would put more see in a position as head of the brotherhood to aid hamas and other radical groups through out the arab world. that would be for u.s. pro western abe rap regimes and israel as well. >> president obama was issuing glowing reviews of mr. moresy. talked to him over 6 times. here is a quote before the power grab. mr. obama told aids he was impressed with the pragmatic confidence. tested engi
that his number one focus was jobs and the economy and also having a long-term plan to reduce the deficit in a balanced way and that means in addition to cuts you would also have revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has proposed that everybody get continued tax relief, existing tax rates, on the first $250,000 of family income, so he says let's extend that for everybody right now, but he believes we should ask higher income individuals to pay a little bit more. >> house majority leader eric cantor was on morning joe talking about the grover norquist tax pledge and whether he like other republicans would be willing to jump ship. here is his answer
. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries, durable goods, auto purchases. evidence like this is a reason why retailers are so concerned that congress has not yet extended the middle-class tax cuts. >>reporter: and carney noted the president spoke with harry reid and speaker boehner over the weekend. everyone is anticipating another high profile white house meet this week on the fiscal cliff sources in congress say there is you not one on the schedule so far. >>shepard: over the weekend some republicans are telling grover norquist to take a hike with the "we won't raise taxes" pledge. >>reporter: the fine tuning is they are saying we are okay with close loopholes but they don't want to raise tax rates. the republicans are saying the survey done by a group calls the winston group, a republican research firm, says 65 percent of americans back tax reform and spending cuts over the raising of taxes. here is the senate republican leader on what the g.o.p. is offering.
will send the wrong signal and may serve as taping point for our economy. so you're fear is that interest rates could surge. to be father, we've had this disastrous situation for years and interest rates have kept falling in spite of all worries that there would be a disaster. >> that's right. that's one of the things that distinguishes the fiscal cliff, which we're coming up against right now. from what i described yesterday says the fiscal avalanche. we can see when the fiscal cliff is about to hit. the avalanche occurs when people stop buying u.s. treasury instruments and we have to start raising the interest rate. eventually, we get to the point where we can't afford anything and that's what i'm concerned about. >> so, let me talk about the solution here because we talked back in may about this. we're finally here at the deadline, right. you talk ed at the time about wanting a simpler tax system and were open to some people paying more and you said some in the republican tea party would be okay with that. here's you on this program back in may. >> i'd make it a point never to speak fo
for washington. >> top priority for us is to advance policies that will get the u.s. economy growing again. >> the country has to have a higher rate of growth. that begins with addressing the fiscal cliff issue. >> so, bipartisan bottom line, right? not quite. you see those business leaders have a vested interest in which spending should be cut and which loopholes closed. and let's just say what's old is new again. alison kosik is at the new york stock exchange with a closer look. put this in language we can understand as people who are not ceos. >> many of these high-level ceos, carol, are part of this movement, this campaign to fix the debt we've been hearing so much about. this includes some of the biggest heads of business that are out there. and some have been more outspoken than others when it comes to what needs to get done to get a handle on the deficit. it also has a lot of people saying wait a minute. some of these decisions could really impact -- and not a good way -- have a huge impact on the poor and elderly. for ceo lloyd blankfein, he did an interview over the weekend with c
and independents and democrats to work together to move our country forward, to grow our economy, to protect medicare and social security. as well as to balance the budget in a way that protects the middle class and the working poor and that's what i'm looking forward to do with my colleagues. >> of course, there's -- there are a lot of trade-offs to be made and compromises to be made. i may be among the first to congratulate you. >> thank you. >> congratulations to both of you. what are you willing to commit to if you get the tax cuts the president and party is demanding? >> sure. well, we have got to reach across the aisle and with the fiscal cliff, both sides have to put everything on the table and do what's best for all mitt romneys and that's not just me talking about it. that's what i heard continually from the people in my district and that's a big reason of why we won the race. my way or the highway doesn't work in politics. we have to be serious about getting our country back on the right track. >> congressman, you're part of a changing demographic. the house democratic caucus is no
. but it's put a real strangle hold on the economy of gaza and something people who live there want to be released. the concern from the israeli side is what's going in and what's going out and are they preventing arms going in and it's -- it's a complicated issue. as i say, they did agree to easing some of it but we don't know what that looks like in the next 24 hours. >> time will tell. stephanie, thank you. stay safe. jim frederick is joining me, international editor of "time" magazi magazine. here we are in to the cease-fire territory. talking 24 hours ago -- >> yeah. >> thinking it was going to happen at that point. but egypt is basically the tent pole in supporting this and sponsoring and overseeing the implementation of this. how much stability is this going to provide to the ongoing talks of trying to have a durable out come? >> i think this is a great first step. the cessation of attacks and if if cease-fire holds, what kind of lasting peace can be built here? because there have been cease-fires in the past and you have this israeli governmental and military phrase of every
to continue to lift the economy and lay off women. they are crazy. you know, they would -- they would be happy when women are barefoot, pregnant, back home by 5:00 to cook dinner. >> well, that's not going to happen because despite what the republicans think, we won, by the way, and women were one of the loudest voices. krystal, the president's affordable care act requires employers to cover birth control for their workers. this week a federal judge denied a request for a company called hobby lobby which sells arts and crafts supplies, they wanted to exempt themselves based on religious grounds. so, the fight against obama care, the fight against women. how did they not get the memo? >> well, i think some aspects of the party, some parts of the party did get the memo. the problem is, as you were pointing out, they rely on the religious right for votes. it's a key part of their party. so, they have really driven the agenda in terms of women's issues for years now. i would point you to the state legislature, as you were looking at. if you look back in 2011, we had historic year in terms of the n
these decisions, and in january, we'll see an economy that will take off. we can focus on the greatness of this country january 1st if we'll go ahead and do the work that we all know we have plenty of time to get done this year. >> senator corker norah o'donnell. >> let's talk about the specifics of your plan. everybody acknowledges you need about $4 trillion in deficit reductions. you don't want to raise taxes, additional revenue by simply capping deductions at $50,000. >> right. >> independent analysis by the tax policy center says that only gets you about $760 billion. it's not enough money. how do you get more revenue? >> well the package that i've laid out has over $1 trillion in revenues that has the 750 you just alluded to but we also do chained cpi, and in that you not only reduce the rate which benefits growth but moves people into brackets more quickly. also social security was set up to capture 90% of the wages in our country. now it's at 84%. move that up gradually through 2050, it generates a lot more revenue. there's over $1 trillion in this package,
's a wonderful point. longer term you are looking at the united states economy doing better than not bad. it will grind along. we're not calling it for a double dip recession in 2013. we think fiscal cliff will be resolved in large part. creating opportunity if you have done your homework and you have long-term discipline, use vo volatility to your advantage. great cash position. europe has good companies. china will stimulate. not like in 2009 but it will be there. i think the death of equities and u.s. market is greatly exaggerated. you do have to do your homework because short-term volatility will give you opportunities and challenges. >> after what we hear this weekend, does it make sense to focus on discretionary going into year end? >> it does. it has coming into the third and fourth quarter. again, pick your battles. understand what you're getting into. name specific analysis is critical. build that portfolio. look globally. it's more than just a u.s. story. looking into europe, emerging markets if you have a longer term time horizon. commodities. all of these things are going to
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